NEW YORK, Nov 2 (Reuters) - Plains All American Pipeline
is likely at the end of a period of significant asset
sales that has lasted for several years and involved $4.5
billion in sales, company officials said on Tuesday.
At the same time, the company will be looking at ways to
rationalize pipeline capacity in the Permian basin, as the
region deals with excess capacity.
"The industry as a whole so not just Plains but all the
larger owners of the pipelines are looking at it," said Jeremy
Goebel, chief commercial officer. "Some projects make more sense
than others. At this time, nothing has been announced, but I
would tell you that everyone wants that to happen."
The Permian basin will be positioned to drive a vast
majority of U.S. short-cycle production growth, chief executive
Willie Chiang added during the company's third quarter earnings
The discussion around production growth come at a time when
energy demand is rebounding after the coronavirus pandemic.
"Global demand is recovering to pre-COVID levels, resulting
in sustained inventory draws against a multi-year backdrop of
reduced upstream investment and a continuation of OPEC
discipline," Chiang said.
(Reporting by Stephanie Kelly
Editing by Chris Reese and David Gregorio)